Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
A new revelation has been made in the case of the attack on Delhi Chief Minister Rekha Gupta. Del
Anant Ambani, the younger son of the country's richest businessman Mukesh Ambani, is soon going t
Coronavirus Updates: 1685 new cases of corona in the country, less than 22 thousand active cases
An update has been issued regarding new cases of corona infection in the country. According to th
Cases of corona infection in India are increasing steadily. Millions of infected patients are bei
Russian school shooting kills 13; The attacker shot himself
At least 13 people have been killed and more than 20 injured in a shooting at a Russian school. I
President Draupadi Murmu will be on a five-day tour of South India from today (Monday). President
The second match of the five-match Test series between India and England will be played at Edgbas
NCB Summons Ananya Pandey: The Narcotics Control Bureau (NCB) continues to interrogate Ananya Pan
Burns' remarks on India going to be US Ambassador to China
President Joe Biden's nominee for US ambassador to China, Nicole Burns, has said that if India an
The Jio Platforms IPO has attracted significant investor interest, becoming India’s largest
